As if demanding additional dividends were not enough, the few ‘rouge’ (this is the nicest word I can tink of) shareholders demanded that the non-executive directors be booted off the board as they failed to achieve maximum welfare for minority shareholders. I have seen the credentials of the rouge few and with all due respect, although there were even retired lecturers from NTU among the list, the job of non-executive directors IS NOT to take care of minority shareholders. And some of the issues they brought up in their petition only showed that they did not revise their knowledge on new accounting policies. (Even the students in SMU FA class know of the changes). To make things worse, they went on to imply that the Tan Brothers, 2 non-executive directors in the board, were corrupted and questioned their integrity and their place in the board.

I can only extend my sympathy to their family on the harassment they must have experienced. People say all kinds of things to get more money. Even ex NTU lecturers. I was really disappointed by their claims though it was not directed at my family (dad is executive director) but accusations of this sorts are nv nice to take.

Now that the EGM has ended, I am going to reveal the REAL agenda of the rouge shareholders. They already knew that replacing the non-executive directors were impossible as majority shareholder (Isetan Tokyo) have already stated their intent to block the move. They nonetheless made the effort to start a petition to have all minority shareholders to unite. Why would they spend so much effort to do something they know cannot be achieved?

This is because in the mist of all this whoo-ha, the share prices of Isetan has jumped out of the ordinary (Which the rouge few probably expected). And share prices would never be allowed to rise unless someone is selling it. (Guess who will be the first ones there to sell it at high prices). After the EGM was concluded, share prices dropped back to pre-hype levels and once again shares must be traded in order for the prices to go down. (Guess who will be there to buy back the shares now at a lower price).

I am aware that I have to watch what I say, but I am not naming any individual or stated groups. Neither am I a representer of the company..i am jus one member of the investing public..statin my independent views..with no relations to my dad..So…Drop the idea of suing me or my family…n get out of my face..

When the EGM was concluded, a journalist followed the board of directors to where they had lunch and snapped a photo of the board eating and labeled the photo ‘Lunch for Directors as shareholders continue to go hungry’. If I may, I would like you to consider the effects of such a statement or alternatively, attend BGS class in SMU to brush up on ur ethics. Please spare a thought for the people whom u seek to defame label as they are actually human beings with a life.

To conclude this saga,

Winner: Those who took advantage of other’s and sold shares at high prices

Loser: Everyone else (esp the defamed families and the poorly informed shareholders who bought at high prices)